Pan African Resources unaudited interim financial results for six months ended 31 December 2025

Briefing

Reporting period Gold production Koz AISC® US$$ /oz Expansion capital US $$ million Sustaining capital US$ million FY27 50 – 54 1,800 – 2,000 100 7 FY28 68 – 73 1,700 – 1,850 66.5 13.6 FY29 90 – 100 1,600 – 1,750 10.5 27.8 Key capital projects that have been brought forward include: the expedited development of the high-grade and long-life Juno underground operation, with an investment of US$52.0 million. Key points: Reporting period Gold production Koz AISC® US$$ /oz Expansion capital US $$ million Sustaining capital US$ million FY27 50 – 54 1,800 – 2,000 100 7 FY28 68 – 73 1,700 – 1,850 66.5 13.6 FY29 90 – 100 1,600 – 1,750 10.5 27; During the reporting period, Barberton Mines' production increased by 5.2% to 32,774oz (FY25H1: 31,142oz) at an AISC® of US$2,590/oz (FY25H1: US$2,170/oz); Elikhulu production increased by 14.5% to 29,450oz in FY26H1 (FY25H1: 25,725oz) at an AISC® of US$1,209/oz (FY25H1: US$1,124/oz), delivering ahead of expectations for the period; In recent years, the Group has allocated substantial capital expenditure to extend the LoM at Evander Mines to maintain an average gold production profile of more than 60,000oz per annum at steady-state production for an; In FY26H1, MTR achieved gold production of 21,729oz, compared to the 30,806oz for FY25 at an AISC® of US$1,577/oz (FY25H1: US$1,428/oz); Production for FY26H1 is a notable 15,560oz at an AISC® of approximately US$2,543/oz. This brief is based on the cited source artifact and is intended as a research entry point, not a replacement for the original source or EGM canonical data tables.

Source Notes